The e-commerce giant said it has given out Rs 125 crore of loans to more than 800 merchants on its marketplace under its Growth Capital programme. The exclusive programme, which was launched in July 2015, offers collateral-free loans at 11.4% to merchants via partnerships with lenders including State Bank of India, Axis Bank Ltd, Yes Bank Ltd and alternative lending start-up LendingKart.
Under this initiative, which has witnessed maximum adoption from merchants selling mobile phones, other electronics and fashion products, the company intends to help businesses get capital to grow their businesses.
Flipkart’s rivals Snapdeal and Amazon are also running their seller funding programme with tie-ups with various financial institutions to provide loans to their sellers.
